Miltonangelpersonalfinance.files.wordpress.com
Budgeting with RoommatesRight out of college, many young adults choose to live with roommates because of the cost saving advantages. That said, working out the budgeting logistics takes some effort. Part I: Form your groupIdeally, you should be in a group of THREE students for this activity, because the apartment you’re renting has three bedrooms, and the scenario is written for three roommates. Decide which of you will play each roommate in the scenario. If you have a different number in your group, use one of the following:If you’re a group of TWO, remove one of the character scenarios, but make sure you divide shared costs by 2 instead of 3.If you’re a group of FOUR, the fourth group member will play the role of “Out-of-Luck Friend,” who finds themselves (1) without a job, (2) with an emergency savings account of $3000, and (3) asking your group of friends if (s)he can crash at your 3-bedroom apartment until a job and their own apartment is found. Part II: Review the roommate situationBelow are details for your apartment, your utilities, and each roommate.The Apartment...Three bedroomsRent is $2250 per monthTwo bathrooms, one attached to the large master bedroom and one off the hallwayOne large bedroom (with a bathroom attached) Two smaller bedrooms, about the same size, but one has 2 windows and the other has 1Has a large living room but no separate dining roomHas a standard kitchenCable options in your area are $0 for broadcast TV, $80 for basic cable, $125 for premium cableCable internet alone (no TV) is $39 per month$115 for basic cable plus cable internet$125 for basic cable, cable internet, and a phone lineCable bill is due by the 20th of each month; $25 fee for late paymentWater is included in the cost of your rentRenters insurance is roughly $20, but each roommate must pay for his/her own, if desiredRent must be mailed, one single check or money order, by the 10th of each month; $250 fee for late paymentApartment is eligible for one onsite covered parking garage spot ($95/mo paid to landlord) Optional uncovered parking lot spaces down the block ($45/mo paid to landlord, who pays the city)You’ve all got your own furniture, plus some random stuff your parents gave you to furnish the main rooms of the apartmentYour electric bill is different every month, based on usage, but averages $110Roommate A has a window AC unit for the living room, but using it adds an average of $45/mo to the electric billElectric bill is due by the 22nd of each month; $25 fee for late paymentYour gas bill (for cooking) also varies by month but averages $28Gas bill is due by 23rd of each month; $25 fee for late paymentRoommate A... Name: Has a time-consuming job that keeps them out of the house between 8am and 8pm most weekdaysWould love to get a dog and would prefer the big room so they can keep the dog’s bed and crate in the bedroomLoves sports and wants the basic cable package so they can watch ESPN when homeOwns a carHas their finances in order in terms of steady income, not swimming in student debt, no credit card debt, etc. Is pretty forgetful with deadlinesTypically eats a quick breakfast at home but eats lunch at the company cafeteria and eats a lot of takeout after they get home from work lateRoommate B... Name: Does freelance work, so has periods of large income followed by periods of smaller income, depending on jobsIs a really good cook and is willing to cook dinners for everyone (but cannot afford to buy all the groceries for all the meals)Is not allergic, but really doesn’t like dogsWorks from home and needs a space to set up a small desk areaOwns a carLoves camping and goes on a lot of weekend tripsDoes not watch a lot of TV, typically, but needs reliable internet access for workHas large student loan debt to pay every monthRoommate C... Name: Is a first-year teacher with a steady but low paying jobHas the summers off and plans to travel home to see the parents for 2 weeks and spend another 2 weeks on a roadtrip with friendsIs very organized and responsibleHas a significant other who is finishing college in another city and will spend long weekends at the apartment regularlyNeeds to bring lunch to work and saves money by not dining out oftenOwns a carIs working on paying off student loans, a large credit card bill from college spending, and car paymentsHates dealing with cash, uses direct deposits, and has all personal bills set to auto-payRoommate D... Out of Luck friend Name: bNo jobHas an emergency account of $3,000asking your group of friends if (s)he can crash at your 3-bedroom apartment until a job and their own apartment is found.Part III: Formulate a Roommate Plan The challenge is to figure out a plan for how you’ll be successful roommates and put it all in an easy-to-read roommate agreement that can be signed by each roommate once you agree on a plan. Roommate Agreement. Each Roommate should sign the agreement at the conclusion of the simulation.Be sure to consider and include (when applicable) the following items:Who is taking which room? Are you all paying the same amount, or different, based on room?Are there other considerations for which one roommate should pay higher rent than others? Does usage during the weekdays, weekends, or summers factor in?How is your landlord getting the one check/money order for rent?How is each utility bill getting paid? Is each person paying the same for utilities or different rates? Is one person in charge of ALL the payments? Or is one individual in charge of EACH bill? Or is there a different plan? How will parking be handled?Will everyone buy their own groceries? Will there be shared groceries? If so, who is buying them, who is eating them, and what’s the budget? Are there other factors from the scenarios you should include in the agreement? Part IV: Create a Monthly Budget Now that you’ve worked out a plan, copy and use this Roommate Budget (one per group) to keep track of each roommate’s monthly expenses and payment deadlines. You can add additional expenses, if you agreed to them, to the blank cells under the list of expenses.You should not include, in this budget, personal items that don’t pertain to the roommate agreement. Examples:If Roommate A is getting a dog, and it requires food for $25/mo, that doesn’t get included unless ALL roommates are splitting the cost. Roommate C’s summer travel costs would not appear here.Budgeting6.2 What's the Cost of Living? ................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- wordpress passing data between pages
- wordpress business templates
- wordpress rss feed not working
- wordpress jquery is not defined
- create wordpress blog
- wordpress roles editor
- wordpress full rss feed
- wordpress rss feed settings
- wordpress rss feed plugin
- wordpress display rss feed
- wordpress rss feed link
- wordpress rss feed to post